This month, Geelong’s rental data is looking fantastic! And when you compare it to Melbourne’s data, it’s almost unbelievable. For example, Geelong’s rental vacancy rate is now back to 2.2% - the same rate we had pre-COVID, but Melbourne’s vacancy is sitting at a new high of 3.2% and inner Melbourne is at a huge 4%. Overall, Victoria’s total vacancy rate is 2.9%.
Sophie Kennedy-Rush
Our region’s rental prices are again healthy and stable. 2 bedroom houses and units are sitting at the same median rent as last month whilst 3 bedroom houses have increased by $3 and now sit at $383 per week.
This is the reporting month that we thought we would see the biggest impacts of COVID, however, the REIV data shows that Geelong’s rental market is stable. In fact, if you look at the numbers alone, you can’t really see a problem at all.